Oil Prices Have Risen By 10% Since Drone Attack In Saudi Arabia

Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black gold prices, US President Donald Trump has allowed the release of oil from the United States Strategic Oil Reserve.

In Asian e-commerce, US light crude oil for delivery in October rose by nearly ten percent to $ 60.23 a barrel.

London-based North Brent raised its price by 11.04 percent to $ 66.87 a barrel.

The reaction of the markets is not delayed after Saturday’s attacks on the facilities of Saudi oil giant Aramco. 

The attack by Iran-backed Houthi rebels in neighbouring Yemen, where a Saudi-led Coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.

Amid fears of turbulence in the markets, US President Donald Trump has allowed the release of oil from the strategic reserve. It has only been used three times, the last one in 2011 because of the fighting in Libya.

In a tweet, Trump also said that Washington is ready to respond to attacks on Saudi oil infrastructure.